Federal Legal Restrictions that Limit International Corporate Operations and Expansions



As U.S. companies seek to expand internationally with the slowing domestic market, more and more revenues and capital investment originate from overseas operations and with such revenues come operational risks.  Starbucks international revenues have jumped to over 30%, with 20% of total company revenues derived overseas, a jump from 9% in 1997.  Wal-Mart Stores, Inc. has skewed its investment overseas to over 40% by 2010, up from 30% in 2008.  Senior managers should be aware of the risks in such expansions, as they come in unfamiliar forms and restrictions based on the rules and regulations of host countries.

As an example of operational risks, placing in-house consultants in India who remain in the country for over 180 days deems to the host country that the foreign employer is a resident for corporate tax purposes. Various Latin American countries have different corporate entities unfamiliar to U.S. managers, and, depending on the corporate form, the U.S. manager might relinquish management of the foreign entity.

Then there are U.S. rules and regulations that can have an impact on the foreign operation. The most notable one is the Foreign Corrupt Practices Act.  Others relate to technologies being exported to certain countries.  These international regulations add an additional wrinkle to the corporate development of a company.

What this paper endeavors is to establish the standard flags for corporate managers to review in order to mitigate the international risks for expansions and investment overseas. Each section relates to a decision process or a restriction that controls or restricts its choice for a point of operation.   Finally, three helpful appendices, each of which contains a check-off list that can generally be applied by any company, are attached.     Each point on each check-off list is particularly relevant to a company interested in forming a foreign operation, factors that help the target country measure the critical issues influencing a U.S. company’s decision making in its international corporate development.


Location Profile

The first step to identify the needs of a U.S. company overseas comes from macroeconomic   trends,   strategic   needs,   and   business   locations   satisfactory   to   the company’s   profile.   Location   profile   refers   to   attractiveness   of   the   business   and living/working environment of the potential location for investment by a company. This important nexus comes from the affinity that a U.S. company has with the foreign market and culture.  A U.S. company reviews and studies image, reputation, and overall standard of living conditions in the country where it intends to invest or do business.

Although  profitability  and  returns  are  the  paramount  motivating  factors  for  selecting  a specific country, long-term investment relationships can be guided by mutually attractive attributes and compatibility that generate further investments and expansion in the same locale.    The  basic  values  or  sentiments  in  a  foreign  destination  should  be  somewhat compatible to a prospective U.S. company.  However, these characteristics are difficult to button down, and, many times, are guided by the experience or background of the senior executives of a company.     An established, international company such as GE has no problem establishing subsidiaries or investing in other countries, as an example.   After measuring the country’s potential payback, GE will diligently study a potential location, review and follow  local  customs  and  laws,  and  hire  local  talent  without  needing  to  delve  into  long studies about cultural affinity.

Smaller companies might not have such deep, senior management experience and could unreasonably believe that a country will make itself more marketable through changes in its values  or  traditions.  The  reality  is  that  immediate  accommodation  may  require extreme  realignment  of  embedded  tradition  and  mores  of  the  foreign  destination  —  a difficult choice indeed for any culture to swallow.  And this might not happen, at least in the short run.  The  bottom  line  is  that  smaller  companies  should  evaluate  the  location profile carefully before making any substantial commitment.

Common sense should prevail to any company expanding internationally:  customs, language, and traditions are different from country to country and behooves any company to do its due diligence before establishing long business ties in a foreign venue.    Equally important,  foreign  states  should  also  educate  these  smaller  companies,  highlighting  the differences  and  standards  that  are  not  obvious  and  remain  important  for  long-term business  relationships.  Each party must also make some effort to accommodate their differences to a degree that are acceptable and will not create rancor or discomfort to the other. That being said, the rest of this outline focuses instead on the mechanics that attract U.S. companies.  Further  discussion  on  how  a  country  can  market  its  location  profile  or vice versa should appear in other papers.

National Aims and Fiscal Policies

The  federal  and  local  governments  should  generally  support  free  enterprise  and  trade. This is the most attractive business environment. Local and foreign companies should be treated  equally  by  local  regulators  with  a  sense  of  transparency  in  the  way  rules  and regulations are  enforced.  A laissez faire approach, that is,  little or no bureaucratic interference  and  deregulation  of  business,  should  be  the  right  approach  to  attract  U.S. companies.    On the average,  as  example,  nationalization  schemes  discourage  foreign investment  whereas  privatization  policies  attract  investors.  Given the profile of  U.S. companies, these policies or lack thereof will determine the initial hurdle by which a U.S. company could even consider the target country.

Then the other macroeconomic element is the national fiscal policy.     The central government should control its balance of payments, and, as a trickle down result, target a stable and strong international currency.   Other important ingredients include a  strong economic policy that to the growth of the Gross Domestic Income per capita.    In other words,  a  foreign  government  that  manages  its  overall  fiscal  policy  well  becomes  a leading  target  for  a  U.S. company.  With  such  policy,  other  economic  indicators  fall straight  down:  from  Balance  of  Payments  through  strong  currencies.    Then any U.S. company can export effectively, either products/services, or can repatriate its earnings.

Macroeconomic Trends

In the appendices, the check-off lists embrace business planning, part of which invariably comprises ofacroeconomic trends  – what are the long-term prospects for the target country?    Macroeconomic indicators should include and are not limited to, inflation, currency stability, GDP growth, population, fiscal austerity, and management.    These barometers help a company measure the macroeconomic reasons for market entry. Generally, any business or strategic planning must include the basic  macroeconomic trends in order to begin the analysis of the merit of any business case.   Macroeconomic trends,  aims, and policies create the initialroundwork with which a U.S. company begins to test the right target country for possible business development.

Regional/Special/Free Trade Industry Development

Regional/Special/Free  Trade  zones  are  a  popular  means  to  attract  certain  company profiles – especially those high tech companies that manufacture and would be involved in  regional  distribution  or  exports.     These zones might also have tax or duty free incentives tied to them.   Generally, the zones are situated away from urban centers, as a means to attract companies and reduce regional unemployment.

Labor force – skilled, literate, reliable, trainable workforce

Companies  in  the  technology  sector  search  regionally  for  deep  and  substantially  well- educated,  skilled  workforce.   Other important attributes would be their trainability and reliability.   The fields that these technology companies seek are technicians, engineers, and managers.  Several  years  ago,  as  an  example,  Ireland  focused  on  its  local  human resources  training  them  for  technology.    This  program,  as  well  as  the  cost  and  tax incentives,  advanced  Ireland  as  a  major  technological  hub  for  Western  Europe  and became for many years a major darling in how a country with limited resources increased its GDP by attracting major multinational companies.

Infrastructure:  Communications  –  reliable,  inexpensive  broadband  wireless,  Housing,

Roads, Urban centers

The quality of the infrastructure within urban centers can be an important variable to U.S. companies.  One Eastern European country, Hungary, in order to attract investments in its high tech sector, has set up nationwide, broadband networks so that not only the company has  fast  access  but  also  its  technical  and  scientific  workforce  has  access  to  the  same communications  technology,  which  allowed  the  employees  to  work  from  their  homes using  the  same  fast  access  networks  as  found  in  their  offices.    Even the Hungarian standard phone line penetration is fairly deep.  These communications features  are  a determining factor in  attracting  foreign  investment  by  international  companies.    Other infrastructure issues include good, affordable housing. Roads also have to be satisfactory. Indeed,   various   Eastern   European   countries   have   extensive   studied   the   profiles   of international  technology  companies  and  made  sure  that  good  infrastructure  had  been established.

Financial Services

The prospect of a strong, reliable, flexible banking system that allows a new company to register  an  account  locally  without  considerable  regulatory  hurdles,  and  able  to  transfer funds  both  domestically  and  internationally,  is  an  essential  element  to  operate  in  the country.  There are notable accounting firms that, for a small fee, simplify the paperwork, administration and banking, but not all major accounting firms provide such a service or have a  presence  in  every  country.   In some instances, small companies have to create other offshore operating entities to overcome a hurdle or barrier to financial transactions.


Each country has countless regulations and its own legal systems.   The key determining factor in the evaluation by a company that even considers international market expansion is  the  transparency  of  the  local  regulatory/legal  systems:  are  local  regulations  and  rules obvious or easily obtainable?  It is incumbent for a company to implement due diligence, that is, look at the local rules to evaluate the steps to sell a product or service locally.   In some countries, as an example, it is illegal to sell telecommunications services unless the provider is the incumbent telecommunications provider.   Sanctions for violating such a regulation can be severe and, in some countries, be criminal.   Then the local government should anticipate and inform visiting companies on the impact of violations of principal rules  and  regulations.  Again,  it  behooves  a  company  to  study  local  regulations  and  not expect that the domestic regulations will carry over internationally.

Judicial systems vary country to country as well.  Can the company seek remedy locally? Is the legal system agnostic to foreign owned companies?  Is there a registration process needed to even raise a cause of action locally by a foreign company?   In some countries, the  judicial  system  treats  a  foreign  owned  company,  especially  when  it  manages  a  key service, differently.  In Latin America, one European owned water works company faced discrimination by the local judicial system.   When history of discrimination becomes well known, other companies would be hesitant to enter the same market.

Standard, non-discriminatory corporate management requirements

For  a  standard  C-type  corporate  structure  (known  in  Europe  as  S.A. or GmBH),  some  countries require  a  local  national  to  be  on  the  Board  of  Directors.   In  other  countries,  the  senior managers,  specifically,  the  President  and  Chief  Financial  Officer,  need  to  be  local nationals, with a specific background as well.  Indeed, it would not matter if the company has three employees or one thousand, but the senior employees have to be embedded and employed – at whatever cost. Therefore, smaller companies need to conscious of the fact that a foreign national might be part of their management team, whatever the size of the operations. Again,   liberal   rules   and   regulations   can   eliminate   these   onerous corporate requirements.

International extradition treaties

As  part  of  legal  infrastructure,  a  judgment  in  a  foreign  country  might  not  be  effective, unless there is an extradition treaty.   There are many instances that a company can win a judgment against another company or individual, but the local rules and regulations lack teeth.

International legal comity and recognition

Although international treaties, adopted and ratified by the national government, should guide  the  judicial  branches,  local  judges,  both  federal  and  local,  need  to  follow  some sense  of  comity  to  have  any  impact. This policy should include understanding or respecting the other country’s precedents, applying that foreign law, and enforcing them.


Labor-management transparent policies

Many countries have promulgated labor management regulations that are substantially different from   U.S. labor management   policies.      Whereas   the   predominant   U.S. companies  apply  “employee  at  will”,  many  countries,  including  developed  countries  in Europe, apply lifetime employment contracts to every employee.  Other countries require employer sponsored retirement payments way above the average salary as a substitute for lifetime employment agreements. These labor management policy differences should be obvious or easily accessible to a U.S. company considering foreign operations. Many European and Latin American countries apply civil code regulations to labor that leans heavily to employees.


Exchange  controls  relate  to  a  company’s  ability  to  transfer  its  earnings  to  another currency,  whether  it  would  be  its  domestic  current  account  or  another  foreign  currency for  another  subsidiary  or  operating  division.    This  is  clearly  an  important  element  to operate internationally for a company’s operational needs are dependent on the flexibility to transfer its earnings.  Without such flexibility, the company has no reason to operate in a country that has a conflicting policy.

Inward investment

Some  countries  require  that  a  foreign  company  must  register  its  investment  in  order  to restrict  the  amount  to  be  repatriated.   Normally, this registration is processed through a central bank, and represents a curtailment to the repatriation of profits.  Whichever way is regarded by the host country, technology companies would regard this as a restriction in doing business.

Registration of foreign capital and technology

Another registration process is consistent documentation of foreign capital infusion.  This registration would allow the host county to control foreign currency loans being received.  Technology  transfer  agreements  might  be  also  be  registered  as  means  of  documenting that the technology is registered in the host country and the royalties being paid are not a means to obviate repatriation rules.

Currency Accounts

Some  countries  disallow  the  use  of  foreign  currency  accounts  by  foreign  investors  or local companies.

Repatriation of capital and earnings:  liquidity, taxes (treaties), currency restrictions, convertibility, and exchangeability

Governments migImageht tax the repatriation of capital substantially differently from standard local taxing regimes.    Other options include limiting the amount to be repatriated limited to the original amount invested by the company.

Guarantees against inconvertibility

Some  governments  might  encourage  foreign  investments  by  issuing  a  guarantee  for currency   convertibility.     In   this   manner,   a   foreign   company   feels   assured   that   its remittances or repatriations would be honored.


Restrictions   on   foreign   investment   or   ownership   –   telecommunications,   insurance companies

Various  local  industries  have  reserved  investments  for  the  State  or  for  local  citizens. In some  countries,  exploration  or  drilling  for  natural  resources  such  as  oil  and  gas  can  be restricted.   Operating a formerly national service such as telecommunications might still restrict the majority percentage of ownership by a foreign national.    The  relevant industries  would  be  aviation,  naval  ports,  telecommunications,  utilities,  and  similar strategic businesses of national importance.

Bilateral investment treaties

Bilateral investment agreements exist in different regions throughout the world.  In Latin America, Mercosur, with member countries, Brazil, Argentina, Peru, Chile, Uruguay, and Bolivia, is an example of a regional bilateral investment treaty that allows the free foreign exchange market to encourage investments in member countries.

Other types of restrictions

Many  nations,  both  developed  and  developing,  protect  their  self-interests.   One  nation defends  its  borders  by  not  allowing  foreigners  to  own  real  property  at  their  borders. Others might limit the placement of radio too close to their international borders. So the processes are the same, but the approaches might be different. The basic national assets subject  to  only  local  or  regulatory  control  are  real  property  at  the  international  borders, aviation, coastal  shipping, international shipping    harbors, electronics, financial institutions, or government contracts .


This  topic  elaborates  on  the  various  major  policies  that  allow companies to compete  in the markets.  For example, if the national policy is currently implementing price controls, this specific policy application discourages competition. Hence, the market is not attractive to the foreign entrant.

Price controls

Price controls  are  a  national  tool  to  control  inflation.   Normally imposed  by  the  central government  price  controls  limits  the  degree  to  which  a  company  can  raise  its  prices.  Since the program is imposed during times of high inflation, companies normally avoid markets until the price controls are lifted.

Fair access

Fair  access  is  the  fair  and  equitable  treatment  of  any  company,  regardless  of  local  or foreign ownership.  This policy includes access to services, legal systems, contractors and any other third party provisioning in order to compete with the incumbents.

Monopolies and Antitrust

National  enforcement  of  antirust  rules  encourages  the  market  entry  by  competitors, including  the foreign companies.    Anti-competitive behavior creates hurdles for new entrants and smaller companies.

Acquisitions and Mergers

The flexibility to use M&A to expand local operations exhibits another attractive feature for  any  market  entrant.   M&A  creates  liquidity  in  the  marketplace.   Any unreasonable restriction to M&A discourages new market entrants.

Trade Barriers – WTO membership

Import   restrictions   establish   another   barrier   to   growth   and   competition.     A   WTO membership  eliminates  this  red  flag  as  the  WTO  establishes  a  recourse  mechanism whenever trade barriers are imposed.


As the U.S. is not member of the Kyoto Accord, U.S. companies will not be familiar with the issues and mandates of the environmental treaty.

Member of Kyoto Accord

Kyoto  Accord  impacts  principally  major  utility,  energy,  oil  and  gas,  and  chemical companies.   The  Accord  limits  the  amount  of  various  emissions  by  countries  and,  as  a consequence, has an impact on companies directly producing those emissions. The Kyoto Accord does not influence most, if not all, technology companies.



Since this White Paper’s targets are technology companies, nothing is more important to these   companies as much as IP protection,   which   is   the   core   ingredient   to   their operations.

International Treaty signatory – WIPO

The   World   Intellectual   Property   Rights   Organization   (WIPO)   is   an   international organization  dedicated  to  the  facilitation  of  member  protection  of  the  rights  to  creators and owners of Intellectual Property .   Not all nations are members of WIPO; as of 2005, there are 182 signatories to WIPO, and even then, an IP holder still has to be concerned with  protecting  its  IP  rights  in  foreign  shores  by  still  abiding  to  any  local  rules  and regulations  that  either  pre-empt  or  substantiate  its  WIPO  filings.    In  1974,  WIPO  had become a specialized agency within the United Nations, and as of 1996, WIPO expanded its role through a cooperative agreement with the World Trade Organization.

WIPO is basically an administrative arm handling 23 treaties, broken into three classes:

1.   Intellectual Property Treaties, e.g. Paris Convention and Berne Convention

2.   Global Protection System Treaties, e.g., PCT and Budapest Treaty

3.   Classification Treaties, e.g., International Patent Classification

Adding  to  this  complexity,  a  company  that  wishes  to  extradite  a  violator  to  its  IP protection must consider extradition treaties as well.

Free Trade Agreements: CAFTA, NAFTA

Free Trade Agreements also play a  role  for  private  companies.    Currently, CAFTA is under  negotiations  with  regard  to  IP  rights  and  protections.    Although  WIPO  has  a broader  reach  geographically,  each  company  must  review  regional  FTAs  that  might  be applicable  that  impact  their  points  of  presence.    Some  might  be  found  for  a  specific region,  such  as  the  Pacific  Rim  nations.   Others are found in the Americas  –  NAFTA, CAFTA.  It pays to look at these FTAs to see what technology markets have been opened up for trade and export.

Protection of the Intellectual Property ( IP) assets

Protection of the IP assets revolves on the ability to seek a remedy upon infringement.  In China, as example, a company must pursue each infringement from province to province. Therefore,  a  company  must  know  what  local  remedy  is  available  for  infringement.

Another tool is using extradition treaties, if the infringing company is located in a country with such a treaty; it enables the extradition of the violators to bring them to the injured party’s forum for adjudication.


Fiscal Incentive Investments

Fiscal incentive investments originate from local governments that allow part of a tax bill to be apportioned to governmentally approved projects owned by the corporate taxpayer or a third party.    The  approved  investment  projects  can  be  grated  total  or  partial  tax exemption.    Fiscal incentive investments tend to encourage exports or manufacturing. The Brazilian aircraft manufacturer, Embraer, had such profile.

The actual mechanism is  the  funneling  of  investment  capital  through  a  government- sponsored  funds,  which, in turn, can be swapped for shares in the approved investment projects or firms.  Negotiability is restricted depending on the project or the firm.

Special-Use Company Incentives

Taiwan uses special use company incentives with Venture Capital companies, by creating various financial incentives:  taxable  income  exclusions, deferred income tax,  and  20 percent credit against the value of stocks, for investment in companies that export.

Free-Trade Zones

Imports to the trade zone are designated tax and duty-free.   Exemption is lost whenever the  products/services  leave  the  zone,  unless  they  are  incorporated  in  a  manufactured good.

International Finance Center Banking Operations

International finance center banking operations encourage establishment of investment vehicles, holding companies, tax haven activities, and offshore operations in the foreign locale.   Such operations provide liquidity of foreign vested capital and serve as potential tax havens for operations.

Export Incentives

Countries encourage growth of exports to reduce balance of payments, and create more jobs. The toll used relies on tax exemptions. The basic exemptions include withholding, federal excise, VAT, and service taxes.

Tax and Investment Incentives

Many  governments  offer  tax  concessions  for  technology  oriented  enterprises,  through financing and development funds.  Taiwan and China promote such programs.

Non-tax incentives

Various governments offer free local government legal and accounting services.   Some German states provide  free  temporary  usage  of office  until  final location is determined, similar to incubation sites.


The  following  U.S.  rules  and  regulations  should  have  a  definite  impact  to  any  U.S. company operating or establishing operations abroad.  As an example of the broad reach, the U.S. International Traffic in Arms Regulations specifically address that its rules and regulations pertain to U.S.  citizens,  companies,  or  other  entities  under  the  control  of  a U.S. company abroad.  Hence  the  long  arm  of  the  following  regulations  should  be relevant in any operation abroad. Further, foreign governments should be aware of these restrictions, as one such example, restrictions against bribery.   To encourage these U.S. companies to operate abroad, foreign governments should be aware that any infringement of these laws handcuffs any U.S. company operationally even on foreign soil.

 US International Traffic in Arms Regulations (ITAR)

International Traffic in Arms Regulations  (U.S.C.  Title  22,  Chapter  I,  Subchapter  M) controls   the   export/import   of   defense  articles  and defense services.      In order to export/import,  the  ITAR  require  licenses  and  maintains  a  munitions  list  to  identify munitions  not  requiring  licenses  or  segregating  those  that  are  restricted.    The agency publishes a “No license” list periodically to identify those products that can be exported.

Export Administration Regulations (EAR) and Anti-boycott Rules

The  U.S.  Department  of  Commerce,  Bureau  of  Industry  and  Security,  controls  exports, re-exports,   and   activities   that   threaten   national   security,   foreign   policy,   and   non- proliferation  of  weapons  of  mass  destruction.    The  EAR  publishes  lists  of  the  banned products or services.

U.S.  anti-boycott  rules,  Part  760  of  the  EAR  and  Section  999  of  the  Internal  Revenue against targeted foreign terrorists, international narcotics traffickers, and those engaged in activities  that  proliferate  weapons  of  mass  destruction.

Office of Foreign Assets Control (OFAC)

This regulation is administered by the U.S. Department of Treasury, which enforces trade and economic sanctions  based  on  U.S.  foreign  policy  and  international  security  goals against targeted foreign terrorists, international narcotics traffickers, and those engaged in activities  that  proliferate  weapons  of  mass  destruction.  The  OFAC  maintains  lists  of banned products as well.

Foreign Corrupt Practices Act (FCPA)

The FCPA, promulgated in 1977, amended in 1988, forbids U.S. citizens or their agents from bribing foreign officials to obtain or retain business, and it demands accurate record keeping and adequate controls for company transactions.   Congress legislated the FCPA to discourage U.S.  companies  from  paying  bribes  and  has  rigorously  enforced  this  law. Penalties  are  severe  for violating  the  FCPA:  $2  million  against  the  alleged  violating company,  $100,000  per  each  officer  or  agent,  and  up  to  five-year  imprisonment.    A foreign incorporated subsidiary of a U.S. company may not be subject to the FCPA, but its U.S. parent may be liable if it authorizes, directly or indirectly, or participates in the activity entailing bribery.

Wassenaar Arrangement export controls

As  of  July  23,  2006,  40  nations  participate  in  the  Wassenaar  Arrangement.       The arrangement  has  been  established  in  order  to  contribute  to  regional  and  international security and stability, by promoting transparency and greater responsibility in transfers of conventional  arms  and  dual-use  goods  and  technologies.   Its  purpose  prevents,  as  its sole  objective,  destabilizations  and  accumulations  of  technologies,  with dual  purpose  – control  list  of  banned  technologies  that  can  serve dual purposes in military applications. activities  that  proliferate  weapons  of  mass destruction.


By carefully  reviewing the key concerns of  a U.S.  company   expanding internationally,  any  country  interested  in  attracted  companies  can  address  the  right buttons to attract such firms.    As an example, by eliminating bribery within its borders, the  foreign  county  can  offer  an  attractive  model  for  doing  business  in  its  country.     By membership  in  the  WIPO,  the  country  can  give  assurances  that  IP  will  be  protected.  Most importantly,  a U.S. company  should  feel  that  its  operations  in  a  far-flung  land  will  continue  to  function  smoothly  as  if it  had been in the U.S. International corporate development is a complex business,   for   not  only   a   difference   in   culture   is   being  ncountered, but also many types of business  practices,  barriers,  and, at times,  customs need to be considered.   Underlying themes are profitability and adaptability to seriously attract these companies, and each company and country should realize that this effort of building business enterprises should be collaborative work.


About Juan Ramón Zarco, SVVGP 胡安•雷蒙•扎尔科

Juan Ramon Zarco, 胡安•雷蒙•扎尔科, Silicon Valley Ventures Growth Partners llp, Hygieia Healthcare Technologies Company, AllRest Technologies LLC, Crimson Growth Partners LLP, jrzarco2001@yahoo.com, is an experienced as CxO, General Counsel and Secretary to public and private companies with global operations. Established track record of producing practical, revenue-focused solutions. As Counselor and Secretary, demonstrating vision, integrity, and sound business judgment, to CxOs. Managed complex, strategic transactions, M&A, contracts support, PE Financing, IPO, SEC compliance, Corporate/HR governance, IP licensing, Budgeting, Staff, outside counsel management, International market access strategies, Domestic & foreign government relations and advocacy. Creative in designing and implementing market access strategies. Practices law beyond conventional model with low-overhead and project-based fees. Effective at managing departments, formulating marketing strategies, balancing budgets, and implementing cost-saving measures. Extensive in-house and private practice experience, advising clients on commercial, corporate, international business, and technology law and policy. http://www.docstoc.com/video/89135472/make-your-business-an-international-presence; http://www.youtube.com/watch?v=fx5gijf3yoc For Sprint, he managed iDen international development in Southeast Asia, Middle East, and Africa, and contractual issues with Verizon. In Private Equity, he worked with Pegasus in vetting international investment deals and interim President for portfolio companies, such as Data Foundation, a data storage company, handling marketing, strategy, fund raising, and accounting. Before Pegasus, Mr. Zarco, as CLO and V.P. of Corporate Development, played a principal role in the structuring, international expansions for 2 telecom companies, U.S. Cable Group and Viatel, Inc. in financing and M&A deals exceeding $200 million. Mr. Zarco earned a J.D. from NYU Law School, M.B.A. from Cornell, and B.A. from Williams College; is fluent in Spanish, Portuguese, French, and German, with working knowledge of Russian, Arabic and Japanese.
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One Response to Federal Legal Restrictions that Limit International Corporate Operations and Expansions

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